Ventas real estate has bought Nationwide Health Properties for $7.4 billion in order to begin creating new continuing care communities for baby boomers who will need care in the future, according to The Financial Times.

This comes after a similarly strategic purchase last year, in which Ventas purchased Atria Senior Living for $3.1 billion.

"You have the baby boomers retiring and, over the course of their retirement years, they will move from independent living to assisted living to nursing homes," chief executive of Ventas Debra Cafaro told the news provider.

"You need to follow through along the healthcare needs of tenants."

The company estimates that the population of adults over the age of 85 is growing three times faster than the average and, with healthcare reform ready to cover another 32 million Americans, this move could guarantee that boomers have more retirement homes from which to choose.

Ventas' purchase comes at a time when many baby boomers are beginning to enjoy their golden years and downsize their homes, according to The Reno Gazette-Journal. Many of these older adults are now empty-nesters and are looking for a smaller community with readily available, everyday services.